South Carolina FHA Loan Rates, Closing Costs & Stats
South Carolina
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
South Carolina FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in South Carolina
averaged
6.02%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
South Carolina's average FHA mortgage closing costs are $7,357.
The average rate for the prior week (2023-05-19) was
5.79% and
one month ago for the week of 2023-04-21, the
average rate was 5.83%.
The average rate one year ago was 4.85%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.29%.
South Carolina FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the South Carolina level.
The top South Carolina FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
1,828 FHA loans originated. Their average total fees are
$9,827, which is $354
higher than the next largest lender,
MOVEMENT MORTGAGE, LLC.
The lowest fee South Carolina FHA lenders (with over 10 loans originated) are
MID AMERICA MORTGAGE, INC. ($4,668), JPMorgan Chase Bank ($5,243), Bank of America ($5,489), CAPITAL CENTER, L.L.C. ($6,113) and RUOFF MORTGAGE COMPANY, INC. ($6,157).
The lowest rate South Carolina FHA lenders (with over 10 loans originated) are
First Guaranty Mortgage Corporation (3.85%), CAPITAL CENTER, L.L.C. (3.88%), APEX HOME LOANS, INC. (3.89%), Bank of America (3.99%) and VILLAGE CAPITAL MORTGAGE (4.04%).
South Carolina FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| NON-METRO | ABBEVILLE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| AUGUSTA-RICHMOND COUNTY, GA-SC | AIKEN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | ALLENDALE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| GREENVILLE-ANDERSON, SC | ANDERSON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | BAMBERG | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | BARNWELL | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| HILTON HEAD ISLAND-BLUFFTON, SC | BEAUFORT | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLESTON-NORTH CHARLESTON, SC | BERKELEY | 2022 | $473,800 | $606,550 | $733,150 | $911,150 |
| COLUMBIA, SC | CALHOUN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLESTON-NORTH CHARLESTON, SC | CHARLESTON | 2022 | $473,800 | $606,550 | $733,150 | $911,150 |
| GAFFNEY, SC | CHEROKEE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | CHESTER | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | CHESTERFIELD | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| SUMTER, SC | CLARENDON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | COLLETON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| FLORENCE, SC | DARLINGTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | DILLON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLESTON-NORTH CHARLESTON, SC | DORCHESTER | 2022 | $473,800 | $606,550 | $733,150 | $911,150 |
| AUGUSTA-RICHMOND COUNTY, GA-SC | EDGEFIELD | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| COLUMBIA, SC | FAIRFIELD | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| FLORENCE, SC | FLORENCE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| GEORGETOWN, SC | GEORGETOWN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| GREENVILLE-ANDERSON, SC | GREENVILLE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| GREENWOOD, SC | GREENWOOD | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | HAMPTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC | HORRY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| HILTON HEAD ISLAND-BLUFFTON, SC | JASPER | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| COLUMBIA, SC | KERSHAW | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | LANCASTER | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| GREENVILLE-ANDERSON, SC | LAURENS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | LEE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| COLUMBIA, SC | LEXINGTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | MCCORMICK | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | MARION | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| BENNETTSVILLE, SC | MARLBORO | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NEWBERRY, SC | NEWBERRY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| SENECA, SC | OCONEE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| ORANGEBURG, SC | ORANGEBURG | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| GREENVILLE-ANDERSON, SC | PICKENS | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| COLUMBIA, SC | RICHLAND | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| COLUMBIA, SC | SALUDA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| SPARTANBURG, SC | SPARTANBURG | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| SUMTER, SC | SUMTER | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| UNION, SC | UNION | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | WILLIAMSBURG | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | YORK | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | ABBEVILLE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| AUGUSTA-RICHMOND COUNTY, GA-SC | AIKEN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | ALLENDALE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| GREENVILLE-ANDERSON, SC | ANDERSON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | BAMBERG | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | BARNWELL | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| HILTON HEAD ISLAND-BLUFFTON, SC | BEAUFORT | 2023 | $485,300 | $621,250 | $750,950 | $933,300 |
| CHARLESTON-NORTH CHARLESTON, SC | BERKELEY | 2023 | $538,200 | $689,000 | $832,850 | $1,035,000 |
| COLUMBIA, SC | CALHOUN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLESTON-NORTH CHARLESTON, SC | CHARLESTON | 2023 | $538,200 | $689,000 | $832,850 | $1,035,000 |
| GAFFNEY, SC | CHEROKEE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | CHESTER | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | CHESTERFIELD | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| SUMTER, SC | CLARENDON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | COLLETON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| FLORENCE, SC | DARLINGTON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | DILLON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLESTON-NORTH CHARLESTON, SC | DORCHESTER | 2023 | $538,200 | $689,000 | $832,850 | $1,035,000 |
| AUGUSTA-RICHMOND COUNTY, GA-SC | EDGEFIELD | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| COLUMBIA, SC | FAIRFIELD | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| FLORENCE, SC | FLORENCE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| GEORGETOWN, SC | GEORGETOWN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| GREENVILLE-ANDERSON, SC | GREENVILLE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| GREENWOOD, SC | GREENWOOD | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | HAMPTON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC | HORRY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| HILTON HEAD ISLAND-BLUFFTON, SC | JASPER | 2023 | $485,300 | $621,250 | $750,950 | $933,300 |
| COLUMBIA, SC | KERSHAW | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | LANCASTER | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| GREENVILLE-ANDERSON, SC | LAURENS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | LEE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| COLUMBIA, SC | LEXINGTON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | MCCORMICK | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | MARION | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| BENNETTSVILLE, SC | MARLBORO | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NEWBERRY, SC | NEWBERRY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| SENECA, SC | OCONEE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| ORANGEBURG, SC | ORANGEBURG | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| GREENVILLE-ANDERSON, SC | PICKENS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| COLUMBIA, SC | RICHLAND | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| COLUMBIA, SC | SALUDA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| SPARTANBURG, SC | SPARTANBURG | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| SUMTER, SC | SUMTER | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| UNION, SC | UNION | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | WILLIAMSBURG | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC | YORK | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |